- New research finds a third of Brits want to launch a business this year
- Arts and crafts is the most popular sector for would-be entrepreneurs
- More people are looking to supplement their income in cost of living crisis
Britons looking to launch a business in 2024 are turning to arts and crafts to make some extra cash, according to new research.
Despite significant headwinds for small businesses, including rising energy costs and dampened consumer appetite, more people are considering starting a business this year.
A survey by Enterprise Nation found that 35 per cent of adults are considering either a side hustle or launching a full-time business, up from 30 per cent in 2023.
By hook or by crook: Brits considering launching a business this year are turning to arts and crafts like knitting
The research found those starting up to supplement their full and part-time income had jumped from 33 to 40 per cent.
Another 25 per cent said they were worried about earning enough to pay for their home and energy bills.
Just 2 per cent said they felt compelled to start out on their own because they’d lost their job.
While some would-be entrepreneurs might be doing so out of necessity, the main driver remains the dream of becoming their own boss, or monetising a skill or hobby.
The most popular sector to start a business this year is in arts and crafts (18 per cent), which has become increasingly accessible through the proliferation of online platforms like Etsy.
Some 12 per cent of would-be entrepreneurs are considering moving into the food and drink sector, which covers everything from launching a product to opening a restaurant.
It comes despite a wave of hospitality venue closures and warnings from the industry leaders that higher costs and inflation have crippled pubs and restaurants.
The research also found that a quarter of those over 50 said they wanted to start an arts and crafts business.
Young adults – of which over half want to launch a business this year – lean towards fashion (13 per cent) or graphic design (12 per cent).
The rise of side hustles – an income stream that supplements a full-time job – has been well-documented and the trend is only growing.
More than half of 41-50 year olds said they would start one, broadly constant across every other age bracket.
Enterprise Nation’s report found that turnover expectations for female founders of full-time businesses were £10,000 lower than those founded by men.
Male founders expected to make £35,106 in the first year, compared to £25,213 for women.
Similarly, the average turnover expectation for side hustles was £5,352, but women’s expectations were 22 per cent lower than those of their male counterparts.
Recruitment topped the list of sectors that could make the most money in the first year, with an average turnover expectation of £47,500 for full-time and £6,466 via a side hustle.
Expectations for arts and crafts are much lower. Entrepreneurs expect to make £24,673 in the first year as a full-time business, while a side hustle would bring in £4,166.
